The Supreme Court today will hear a challenge to the FDA's approval of mifepristone, a medicine used to help induce abortions.

• Most of the focus is, understandably, on the case's implications for women's reproductive health.
• But there could be much broader consequences. Were SCOTUS to rule in favor of mifepristone's opponents, it could chill future biotech investment for almost every medical indication.

Zoom out: The core question is if the FDA has sole discretion to determine a drug's efficacy and safety, or if courts also can play a role.

• The former is how biotech has traditionally operated. It's not cheap, but at least the process is understood and uniform.
• Introducing the possibility of litigation creates costly new variables, to the point that investors may no longer think the reward is worth the risk. Particularly given that the timeline for challenging FDA decisions could be boundless.
• Imagine court cases on everything from vaccines to Viagra to Ozempic. Or drugs whose development included the use of embryonic stem cells. All it would take is one sympathetic judge.

What they're saying: "I think it is a disaster," says Bryan Roberts, a longtime health care VC with Venrock. "What if a state had decided to outlaw the Covid vaccine when it came out? Or flip it around. What if a state wants to approve a drug that the FDA doesn't? Under this notion, isn't that also fair game?"

• "If the FDA loses in the Supreme Court, it would be a catastrophic event," adds Jeremy Levin, CEO of Ovid Therapeutics and former CEO of Teva Pharmaceutical. "Not just in America, but globally. FDA approvals are stamps of approval around the world, with many countries depending entirely on it. Plus the vast trade and economic issues for nations that buy medicines from America."

The bottom line: Venture capitalists have invested around $100 billion into thousands of U.S. biopharma startups since the beginning of 2000.

• SCOTUS isn't being asked to rule on the future flow of such monies, but it might as well be.

Tennr, a provider of document automation software for health care practices that still rely on faxes, raised $18 million in Series A funding led by Andreessen Horowitz.

Why it's the BFD: This is the first time a "fax tech" startup has appeared in this newsletter, even though the antiquated communications tool remains pervasive in U.S. health care.

• Tennr's solution sits on top of existing EHR software, first reading and analyzing the incoming e-fax, and then entering the follow-up work (appointment scheduling, requesting missing info, etc.).

Other investors include Foundation Capital, The New Normal Fund, Y Combinator, and former NBA player Zaza Pachulia (yup, faxes and Zaza).

The bottom line: "Faxes remained popular in health care because they were HIPAA compliant, but the more human explanation is that sending a fax is very easy. Just click on a button and it's done. But it's still really hard to read them, which is a reason why so many people get specialist referrals that never get properly processed." — Trey Holterman, Tennr co-founder and CEO

• Cyera, an Israeli cloud data security startup, is raising nearly $300m in Series C funding at a $1.5b valuation led by Coatue, per TechCrunch. https://axios.link/3IUtFGG

🚑 Avenzo Therapeutics, a San Diego-based cancer drug developer, raised $150m in Series A-1 funding co-led by NEA, Deep Track Capital, Sofinnova Investments, and Sands Capital. Other backers include INCE Capital, TF Capital, Delos Capital, and Quan Capital. www.avenzotx.com

• 0G Labs, a web3 infrastructure startup, raised $35m in pre-seed funding, per TechCrunch. Hack VC led, and was joined by Alliance, Animoca Brands, Delphi Digital, Stanford Builders Fund, Symbolic Capital, and OKX Ventures. https://axios.link/3IRaKMS

• Profluent, a Berkeley, Calif.-based protein design startup, raised $35m. Spark Capital led, and was joined by Insight Partners, Air Street Capital, AIX Ventures, Convergent Ventures, and Google chief scientist Jeff Dean. https://axios.link/3vojvLv

• ZayZoon, a Phoenix-based earned wage access provider for SMBs, raised $15m in Series B extension funding. Viola Fintech led, and was joined by Intuit Ventures and insiders Framework Venture Partners and Export Development Canada. www.zayzoon.com

🌎 CemVision, a Swedish green cement producer, raised €10m in seed funding from Polar Structure, Backing Minds, and Zacua Ventures. https://axios.link/43NX27v

• Bedrock Security, a Menlo Park, Calif.-based data security startup, raised $10m in seed funding led by Greylock. www.bedrock.security

• Gunzilla Games, a German AAA game development studio, raised $10m via a token round. CoinFund and Avalanche's Blizzard Fund co-led, and were joined by Republic Capital and Morningstar Ventures. www.gunzillagames.com

• Goalsetter, a Brooklyn-based family finance app, raised $9.6m in Series A extension funding. Edward Jones and MassMutual co-led, and were joined by Fiserv, Webster Bank, Seae Ventures, Astia Fund, and Partnership Fund for New York City. www.goalsetter.co

• OpenPipe, a Seattle-based that helps developers create application-specific LLMs, raised $6.7m in seed funding led by Costanoa Ventures. www.openpipe.ai

• Rails, a decentralized crypto exchange, raised $6.2m. Slow Ventures led, and was joined by CMCC Global, Round13 Capital and Quantstamp. https://axios.link/43yPpl4

• OneNotary, a digital notary, raised $5m in Series A funding. Jackson Square Ventures led, and was joined by DocuSign Ventures, GoodPaper Ventures, Digital Future, The LegalTech Fund, and Tom Gonsar. www.onenotary.us

• Pelikan Mobility, a French commercial EV startup, raised €4m in seed funding from Pale Blue Dot, First, and Seedcamp. https://axios.link/3TuTMZW

• RealSage, an AI decision-making platform for the real estate market, raised $4m in seed funding. York IE led, and was joined by Karman Ventures, StellifiVC, Golden Section, and Second Century Ventures. www.realsage.com

• Amber, an SF-based aftermarket warranty provider for Tesla owners, raised $3.2m in seed funding. Era and Primer Sazze co-led, and were joined by Alcove Fund, Virta Ventures, Global Millennial Capital, and Root & Shoot Ventures. https://axios.link/43AX9mK

🚑 Metyos, a Paris-based med-tech startup focused on chronic kidney disease, raised $2.5m in pre-seed funding. Cenitz led, and was joined by KIMA Ventures, Advans Lab, and Bpifrance. https://axios.link/43uMeLj

⚡ Veir, a Boston-based startup that replaces strained power lines with high-capacity superconductors, is seeking to raise at least $50m in new VC funding, per Axios Pro. https://axios.link/3xcOg6H

• Align Capital Partners acquired and merged two specialty tax consultants: Cost Segregation Services (Baton Rouge, La.) and TaxIncennovations (Houston). www.aligncp.com

• Arsenal Capital Partners and BayPine acquired Poly-Wood, a Syracuse, Ind.-based maker of outdoor living products, from Mayfair Capital Partners. www.polywood.com

• Axel Springer, backed by KKR and CPP Investments, hired Houlihan Lokey to find a buyer for its German media site and trading platform finanzen.net, per Reuters. Interested suitors reportedly include Cinven, Vitruvian Partners, and Verdane. https://axios.link/3PALxdz

🚑 Best Life Brands, a Troy, Mich.-based senior care organization owned by The Riverside Co., acquired Next Day Access, a Bartlett, Tenn.-based provider of accessibility and mobility tools. www.bestlifebrands.com

• Kendra Scott, an Austin, Texas-based jewelry brand backed by Berkshire Partners, is seeking new capital, per Axios Pro. https://axios.link/43vZSgW

🚑 Mubadala agreed to buy Kelix Bio, a London-based maker of generic medicines for MENA markets, from Development Partners International, British International Investment, and ERBD. https://axios.link/3TPvueu

• Perforce Software, a portfolio company of Francisco Partners and Clearlake Capital Group, completed its purchase of Delphix, a Redwood City, Calif.-based provider of data security automation software. Sellers include Andreessen Horowitz. www.perforce.com

• Prince Industries, a Carol Stream, Ill.-based portfolio company of HC Private Investments, acquired Bradford Machine, a Brattleboro, Vt.-based tight tolerance precision machining facility. www.princeind.com

• Resource Label Group, a Franklin, Tenn.-based portfolio company of Ares Management, acquired Labelcraft, a Canadian maker of printed custom pressure-sensitive labels. www.resourcelabel.com

• Semcap invested $68m for a minority stake in Aloha, a maker of plant-based protein products, per Axios Pro. https://axios.link/3x4jtc0

• Alibaba (NYSE: BABA) canceled Hong Kong IPO plans for Cainiao logistics unit, instead saying it will buy out the 36% stake it doesn't already hold for $3.75b. https://axios.link/43wVNJo

• Carlyle is weighing options for Indian IT firm Hexaware Technologies, including a Mumbai IPO that could raise around $1b, per Bloomberg. https://axios.link/3IXWxxG

FTX's bankruptcy estate agreed to sell the majority of its shares in AI startup Anthropic to a dozen investors, including Mubadala and Fidelity, for $884m. The most interesting buyer is Jane Street, the hedge fund where Sam Bankman-Fried began his career.

• Advent International is seeking to sell the European identity unit of French biometics firm Idemia, which could fetch up to €1b, per Bloomberg. https://axios.link/43v8K6F

• Fremantle acquired European-based Ascha Media Group from Oaktree Capital Management. https://axios.link/3TRBbby

• Goldman Sachs is seeking to sell European budget hotel chain B&B Hotels for upwards of €3.5b, per Bloomberg. https://axios.link/3vzjsfJ

• Gryphon Investors completed its sale of Hepaco, a Charlotte-based provider of environmental and emergency response services, to Clean Harbors (NYSE: CLH) for $400m in cash. https://axios.link/3HPlc7f

🚑 Nuvation Bio (NYSE: NUVB) agreed to acquire AnHeart Therapeutics, a New York-based developer of precision cancer medicines, for around $544m in stock. AnHeart had raised around $100m from Octagon Capital Advisors, Decheng Capital, China Merchants VC, Innovent Biologics, Cenova Capital, Laurion Capital Management, and Sage Partners. https://axios.link/4cpgKu9

Adam Neumann and his VC-backed real estate tech firm Flow confirmed that they've offered to buy WeWork out of bankruptcy for more than $500m, without identifying their financing partners.

• Canva, an Australian design software company valued by VCs at $40b, acquired Affinity, a provider of professional photo editing and illustration software. https://axios.link/49dJT8L

• OTB (LSE: OTB), the parent company of clothing brand Diesel, acquired a majority stake in Italian luxury footwear manufacturer Calzaturificio Stephen. https://axios.link/3IQrHqL

• Saudi Arabia's Public Investment Fund agreed to buy $1b of shares in EV maker Lucid Motors (Nasdaq: LCID), in which PIF already held around a 60% stake. https://axios.link/3Vs8MKB

🌎 Ara Partners, an industrial decarbonization-focused PE firm, is raising $500m for its first infrastructure fund, per Axios Pro. https://axios.link/3PD6iW5

• Blossom Capital, a London-based VC firm, is raising its fourth fund, per an SEC filing.

• Morgan Stanley Capital Partners raised a single-asset continuation fund for World 50, an Atlanta-based professional peer network and knowledge exchange platform. LPs included Pantheon, Blue Owl, Lexington Partners, Norwest, Ares Management Funds, AltamarCAM, and Churchill. www.world50.com

🌎 Anish Patel left Kerogen Capital to join Permira as co-head of a new energy transition effort, per Bloomberg. https://axios.link/3VAY84a

Donald Trump's social media company today begins trading on the Nasdaq under ticker symbol "DJT," following its successful reverse merger with Digital World Acquisition Corp. (which now ceases to exist).

• DJT shares were up another 20% in premarket activity.

🐂 Bull case: MAGA fans will buy and hold the shares out of political loyalty. Their own version of GameStop.

🐻 Bear case: It's a lousy business, with far fewer users than social media rivals and losses outpacing revenue. It makes GameStop look like Google.